Thursday, May 31, 2012

USDSGD Analysis

Usdsgd managed to close above a significant resistance this week. We would expect price to retest this resistance turned support.
 

In H4, we can clearly see that usdsgd has been making higher highs and higher lows. We await for this pair to retrace down before buying. We would like to buy low isnt it? :)
The region mapped out appears to be a confluence zone, which further signifies where price is likely to turn. It happens to be the previous week high which acted as a resistance.

 Eyes on this pair now and just patiently waiting for price to retrace back down to the fibonaci level 50%.

Keep the pips coming!

EURAUD Analysis

Yet another of my favorite pair as this pair has positive swap. Euraud has reversed at 1.30264 which appeared to be the low of September 2011. As such, we would be looking for short opportunities.




This pair has a resistance as marked in the chart, the low of the previous 3 weeks. With price retesting this level, it gives us a good opportunity to short with a very good risk to reward ratio.

Wednesday, May 30, 2012

GBPAUD Analysis

Hope you managed to catch the GBPAUD big move down! If you didn't then you might be interested in this re-entry, there will always be another opportunity.









In H1, gbpaud has retrace to 61.8%, one of the most widely used fibonacci number. A pin bar was almost formed signifying price rejection at the 61.8% level (1.60048). To confirm that it is indeed a good resistance where price is likely to bounce off, we look for a resistance level either in H4 or D1.



1.60048 appears to be a good resistance level where price is expected to bounce off.

For another big move to happen, gbpaud must close below 1.58653, the current week's low which is a significant support. Watch out! Price may turn at that level and always practice sound money management strategy.

Keep the pips coming!